Dynamo Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items:

Patent with $4$ remaining years of legal life $ $40,000$

Goodwill $$35,000$

Dynamo$$s financial condition just prior to the acquisition of these assets is shown in the following statements model.

Required: Prepare the journal entries to record the acquisition of the intangible assets and the related amortization for year $1.$